In accordance with the 1940 Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2026 and December 31, 2025, asset coverage was 196.2% and 273.8%, respectively.

DB Credit Facility

On June 26, 2024 (the “Effective Date”), the Company entered into a loan financing and servicing agreement, (as amended, the “DB Credit Facility”) by and among VCSL Funding 1, a direct wholly owned subsidiary of the Company, as borrower, the Company, as equityholder and as servicer, Deutsche Bank AG, New York Branch, as facility agent, State Street Bank and Trust Company, as collateral agent and as collateral custodian, and each of the lenders, other agents and securitization subsidiaries that are parties thereto from time to time. On December 10, 2024, the Company amended the DB Credit Facility to allow for the Company to increase the maximum commitment from $200,000 up to $350,000. Effective December 29, 2024 the Company increased the maximum commitment to $275,000.

On April 7, 2025, the Company amended the DB Credit Facility to allow for the Company to increase the maximum commitment from $275,000 up to $350,000. Additionally, the DB Credit Facility was amended to provide that borrowings under the DB Credit Facility will bear interest at a floating rate equal to the base rate plus (i) 2.15% per annum (reduced from 2.40% per annum) during the Revolving Period (as defined below), and (ii) 2.30% per annum (reduced from 2.90% per annum) following expiration of the Revolving Period (as defined below) for the remaining term of the DB Credit Facility. Effective May 28, 2025 the Company increased the maximum commitment to $325,000 and effective June 24, 2025, the Company further increased the maximum commitments to $350,000.

On July 18, 2025, the Company amended the DB Credit Facility to increase the maximum commitment under the DB Credit Facility from $350,000 to $450,000.

The period during which VCSL Funding 1 may request drawdowns under the DB Credit Facility (the “Revolving Period”) commenced on the Effective Date and will continue through June 26, 2027 unless there is an earlier termination or event of default. The DB Credit Facility will mature on the earliest of (i) two years from the last day of the Revolving Period, (ii) the date on which the Company ceases to exist or (iii) the occurrence of an event of default.

The base rate under the DB Credit Facility is the three-month secured overnight funding rate (“Term SOFR”). A facility agent fee is payable to the facility agent each quarter and is calculated based on the aggregate commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the aggregate commitments on each day.

The DB Credit Facility is secured by all of the assets held by VCSL Funding 1. VCSL Funding 1 has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. VCSL Funding 1 was in compliance with all covenants and other requirements as of June 30, 2026 and December 31, 2025.

ING Credit Facility

On September 5, 2025, the Company entered into a senior secured revolving credit agreement (as amended, the “ING Credit Facility”) by and among the Company, as Borrower, ING Capital LLC, as Administrative Agent, Sole Bookrunner and Arranger, and the other lenders and issuing banks from time to time party thereto.

On January 30, 2026, the Company entered into an amendment to the ING Credit Facility. The amendment, among other things, increased the total amount available to be borrowed under the ING Credit Facility from $150,000 to $200,000. Maximum capacity under the ING Credit Facility may be increased to $500,000 if the Company exercises the uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing.

The ING Credit Facility is subject to availability under a borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness. The Revolving Period under the ING Credit Facility will terminate on September 5, 2029 and the facility will mature on September 5, 2030.

Interest under the ING Credit Facility is payable, at the Company’s election, at either Daily Simple RFR, Term SOFR (or other term benchmark rate) or the Alternate Base Rate (defined as the greater of (i) the prime rate as last quoted by The Wall Street Journal, (ii) the federal funds effective rate for such day plus 0.5%, (iii) Term SOFR for a period of one month plus the applicable credit adjustment spread plus 1.0% and (iv) 1.0% plus an applicable margin equal to (I) (a) during any period in which the Company fails to maintain a credit rating of at least BBB-/Baa3 (or equivalent) from at least one of S&P, Moody’s or Fitch, (i) with respect to any ABR Loan, 1.25% per annum; and (ii) with respect to any Term Benchmark Loan or RFR Loan, 2.25% per annum; or (b) during any period in which the Company maintains a credit rating of at least BBB-/Baa3 (or equivalent) from at least one of S&P, Moody’s or Fitch, (i) with respect to any ABR Loan, 1.00% per annum; and (ii) with respect to any Term Benchmark Loan or RFR Loan, 2.00% per annum plus (II) an applicable credit adjustment spread of (a) with respect to any Term Benchmark Loan denominated in USD, 0.10%, (b) with respect to any RFR Loan denominated in GBP, 0.0326% and (c) with respect to Term Benchmark Loans denominated in CAD, 0.29547% for loans with an interest period of one month and 0.32138% for loans with an interest period of three months. The Company will also pay a fee of 0.375% on daily undrawn amounts under the ING Credit Facility.

The Company was in compliance with all covenants and other requirements under the ING Credit Facility as of June 30, 2026 and December 31, 2025.

2025 Notes

On October 2, 2025, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $200,000 in aggregate principal amount of its: (i) 5.85% Series 2025 Senior Notes, Tranche A, due October 2, 2028, in the aggregate principal amount of $62,500 (the “Tranche A Notes”), (ii) 6.22% Series 2025 Senior Notes, Tranche B, due October 2, 2030, in the aggregate principal amount of $37,500 (the “Tranche B Notes”), (iii) 5.85% Series 2025 Senior Notes, Tranche C, due October 2, 2028, in the aggregate principal amount of $62,500 (the “Tranche C Notes”) and (iv) 6.22% Series 2025 Senior Notes, Tranche D, due October 2, 2030, in the aggregate principal amount of $37,500 (the “Tranche D Notes” and, together with the Tranche A Notes, the Tranche B Notes and the Tranche C Notes, the “2025 Notes”) to institutional investors in a private placement. Interest on the Notes is due semiannually. The interest rates applicable to the 2025 Notes are subject to increase (up to a maximum increase of 2.00% above the stated rate for each of the 2025 Notes) in the event that, subject to certain exceptions, the 2025 Notes cease to have an investment grade rating and the Company’s secured debt ratio exceeds certain thresholds. In addition, the Company is obligated to offer to repay the 2025 Notes at a price equal to 100% of the principal amount, plus accrued and unpaid interest if certain change in control events occur. The 2025 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company.

The closing of the Tranche A Notes and Tranche B Notes occurred on October 2, 2025. The closing of the Tranche C Notes and the Tranche D Notes occurred on December 1, 2025.

On November 4, 2025, the Company entered into forward-starting interest rate swaps related to the Tranche A Notes and Tranche B Notes. The forward-starting interest rate swaps have an effective date of January 2, 2026. Under the forward-starting interest rate swap agreement related to the Tranche A Notes, the Company receives a fixed interest rate of 5.85% per annum and pays a floating interest rate of SOFR + 2.51% per annum on the $62,500 of the Tranche A Notes. Under the forward-starting interest rate swap agreement related to the Tranche B Notes, the Company receives a fixed interest rate of 6.22% per annum and pays a floating interest rate of SOFR + 2.82% per annum on the $37,500 of the Tranche B Notes. The Company designated each forward-starting interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

On December 8, 2025, the Company entered into forward-starting interest rate swaps related to the Tranche C Notes and the Tranche D Notes. The forward-starting interest rate swaps have an effective date of January 2, 2026. Under the forward-starting interest rate swap agreement related to the Tranche C Notes, the Company receives a fixed interest rate of 5.85% per annum and pays a floating interest rate of SOFR + 2.45% per annum on the $62,500 of the Tranche C Notes. Under the forward-starting interest rate swap agreement related to the Tranche D Notes, the Company receives a fixed interest rate of 6.22% per annum and pays a floating interest rate of SOFR + 2.74% per annum on the $37,500 of the Tranche D Notes. The Company designated each forward-starting interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants, such as information reporting, maintenance of the Company’s status as a business development company, maintaining a minimum amount of stockholders’ equity and a minimum asset coverage ratio. The Company was in compliance with all terms and conditions of the Note Purchase Agreement and the 2025 Notes as of June 30, 2026 and December 31, 2025.

ABS V Securitization

On February 26, 2026 (the “Closing Date”), the Company completed a $517,188 asset backed securitization (“ABS V Securitization”). The debt issued in the ABS V Securitization was issued by VCP RRL ABS V (the “Issuer”), a wholly owned subsidiary of ABS V Investor (itself fully owned by the Company), pursuant to the Indenture, dated as of the Closing Date (the “Indenture”), by and between the Issuer and State Street Bank and Trust Company, as Trustee, and the Class A-L Credit Agreement, dated as of the Closing Date, by and among the Issuer, as borrower, EverBank N.A., as lender, and State Street Bank and Trust Company, as Trustee and as Loan Agent.

The debt issued by VCP RRL ABS V consists of (i) the Class A-L Floating Rate Loans, Class A-1 Floating Rate Term Notes, Class A-VF Variable Funding Notes, Class A-2 Fixed Rate Term Notes, Class B-1 Floating Rate Term Notes, Class B-2 Fixed Rate Term Notes (collectively, the “Securitization Debt”), Class C Floating Rate Term Notes, and the subordinated notes (the “Subordinated Notes” and, together with the Securitization Debt, the “Debt”). The Company indirectly retained the Class C and Subordinated Notes which are eliminated in consolidation. The terms of the Debt are summarized in the table below:

The Class A-VF Notes were sold by the Issuer pursuant to the Class A-VF Purchase Agreement, dated as of the Closing Date (the “Class A-VF Purchase Agreement”), by and among the Issuer, as issuer, MUFG Bank, Ltd., as committed note purchaser, funding agent and administrative agent, Gotham Funding Corporation and Victory Receivables Corporation, as conduit investors, and the Company, as collateral manager. The Class A-1 Notes, the Class A-2 Notes, the Class B-1 Notes and the Class B-2 Notes (collectively, the “Offered Notes”) were sold by the Issuer pursuant to the ABS V Note Purchase Agreement, dated as of the Closing Date, by and among the Issuer, and Deutsche Bank Securities Inc. and MUFG Securities Americas Inc., as initial purchasers of the Offered Notes.

The reinvestment period, during which the Issuer may acquire additional collateral obligations, ends on January 20, 2028. Subject to certain conditions as specified in the Indenture, the reinvestment period end date may be extended to January 20, 2029. Following the end of the reinvestment period, principal collections will be applied to repay the Securitization Debt in accordance with the priority of payments set forth in the Indenture. The Securitization Debt matures on January 20, 2038; however, it may be redeemed or repaid on any business day after August 26, 2027. The Securitization Debt is backed by a diversified portfolio of senior secured loans and is subject to the Company’s overall asset coverage requirement.

On March 13, 2026, the Company entered into forward-starting interest rate swaps related to the Class A-2 Notes and Class B-2 Notes. The forward-starting interest rate swaps have an effective date of March 17, 2026. Under the forward-starting interest rate swap agreement related to the Class A-2 Notes, the Company receives a fixed interest rate of 5.49% per annum and pays a floating interest rate of SOFR + 1.974% per annum on the $179,350 of the Class A-2 Notes. Under the forward-starting interest rate swap agreement related to the Class B-2 Notes, the Company receives a fixed interest rate of 7.24% per annum and pays a floating interest rate of SOFR + 3.692% per annum on the $21,541 of the Class B-2 Notes. The Company designated each forward-starting interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The Indenture contains customary terms and conditions for asset-backed securitization transactions, including, without limitation, affirmative and negative covenants of the Issuer, such as maintenance of the Issuer’s existence, protection of assets, restrictions on the Issuer’s business activities and reporting obligations. The Issuer and the Company, in its capacity as Collateral Manager, were in compliance with all applicable terms and conditions of the Indenture as of June 30, 2026.

Other Short-Term Borrowings

Borrowings with original maturities of less than one year are classified as short-term. The Company’s short-term borrowings are the result of investments that were sold under repurchase agreements. Investments sold under repurchase

agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860, Transfers and Servicing, and remain as an investment on the Consolidated Statements of Assets and Liabilities. The Company includes other short-term borrowings in the balance of outstanding indebtedness in the calculation of the Company’s asset coverage requirement under the 1940 Act.

As of June 30, 2026 and December 31, 2025, the Company had no short-term borrowings.